“Broad-based lift” in July’s retail sales

Summary: Retail sales up 1.3% in July, higher than expected; “broad-based lift” not a “rogue” event; rising prices account for sizable portion of total increase; net overseas arrivals very positive in July; tourism, returning residents “likely key driver”; largest influence on month from food sales. Growth figures of domestic retail sales spent most of the 2010s at levels below the post-1992 average. While economic conditions had been generally favourable, wage...

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